ii. Dry Lease. The parties intend that this Agreement shall constitute a “dry”
operating lease. During each usage by Lessee, Lessee shall have possession, command, and
operational control over the Aircraft, aircrew and maintenance; provided that during each
reserved use by Lessor or other lessee of the Aircraft, Lessor or such other lessee, as
applicable, shall have possession command and operational control of the Aircraft.
“Operational control” shall mean, consistent with 14 C.F.R. § 1.1 and FAA guidelines, the
exercise of authority over initiating, conducting, or terminating a flight. Lessee shall

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